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Equity in Investments | 9 Months Ended
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Jul. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Equity in Investments | Equity in Investments Equity in investments consist of the following (in thousands):
| July 31, 2024 |  | October 31, 2023
Limoneira Lewis Community Builders, LLC | $ | 67,279 |  |  | $ | 66,288 |
LLCB II, LLC | 9,399 |  |  | 8,869 |
Limco Del Mar, Ltd. ("Del Mar") | 1,737 |  |  | 1,832 |
Rosales | 1,459 |  |  | 1,325 |
Romney Property Partnership | 501 |  |  | 502 |
| $ | 80,375 |  |  | $ | 78,816 |
Unconsolidated Significant Subsidiary In accordance with Rule 10-01(b)(1) of Regulation S-X, which applies to interim reports on Form 10-Q, the Company must determine if its equity method investees are considered “significant subsidiaries.” In evaluating its investments, there are two tests utilized to determine if equity method investees are considered significant subsidiaries: the income test and the investment test. Summarized income statement information of an equity method investee is required in an interim report if either of the two tests exceed 20% in the interim periods presented. During the year-to-date interim period for the nine months ended July 31, 2024, this threshold was met for LLCB and thus summarized income statement information for LLCB is presented in this Quarterly Report on Form 10-Q. The full audited financial statements of LLCB for the years ended October 31, 2023, 2022 and 2021 were provided as exhibits to the Annual Report on Form 10-K for the fiscal year ended October 31, 2023. 6. Equity in Investments (continued) Unconsolidated Significant Subsidiary (continued) The following is unaudited summarized financial information for LLCB (in thousands):
| Nine Months Ended July 31,
| 2024 |  | 2023
Revenues | $ | 91,402 |  |  | $ | 1,086 |
Cost of land sold | 50,246 |  |  | — |
Operating expenses | 276 |  |  | 414 |
Net income | $ | 40,880 |  |  | $ | 672 |
Net income attributable to Limoneira Company | $ | 19,765 |  |  | $ | 477 |
| July 31, 2024 |  | October 31, 2023
Cash and cash equivalents | $ | 69,856 |  |  | $ | 12,863 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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